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Aldermore, a prominent specialist lender, has announced a significant five-year expansion of its partnership with Finova, a leading UK provider of cloud-based mortgage and savings software. This extended collaboration aims to enhance Aldermore's mortgage origination and servicing capabilities across its diverse lending portfolio.
The new agreement will see Aldermore adopt Finova's "Finova Lending" platform for its buy-to-let, commercial real estate, and residential mortgage origination processes. This Software-as-a-Service (SaaS) platform is designed to streamline application processing, improve operational efficiencies, and reduce the time it takes to issue mortgage offers.
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Key Benefits
Ross Dalzell, Managing Director of Property at Aldermore, highlighted the strategic importance of this partnership. He noted that Finova Lending offers "the best of both worlds" by providing a fully deployed solution with the flexibility for Aldermore to build upon its composable architecture. The initial rollout will focus on the buy-to-let sector, with plans to extend it across other mortgage lines.
Aldermore has been a long-standing client of Finova since 2016. The decision to deepen this relationship follows a comprehensive market review and successful pilot projects, demonstrating Aldermore's commitment to leveraging advanced technology to meet its ambitious growth targets and respond swiftly to market changes.